Congratulations, graduate! The Ohio Housing Finance Agency's (OHFA) Grants for Grads provides a discounted mortgage interest rate to recent graduates as an additional incentive for you to make Ohio your home.
Grants for Grads includes 2.5% or 5% down payment assistance. Down payment assistance is forgiven after five years as long as you remain in the state of Ohio. If you sell your home and move out of Ohio within five years, you must repay some or all of the assistance provided.
Am I Eligible?
You may qualify for an OHFA homebuyer program if you meet the criteria listed below:
- You have not owned or had an ownership interest in your primary residence in the last three years.
- You meet income and purchase price limits.
- You meet credit score requirements.
- Conventional, USDA and VA Loans: 640 or higher
- FHA Loans: 650 or higher
- You meet debt to income ratios for your loan type.
- Borrowers must have graduated within the last 48 months with an associate's, bachelor's, master's, doctorate or other post-graduate degree from an accredited college or university.
Qualified buyers are required to complete free homebuyer education. OHFA's streamlined education program allows you to complete a course offered by any U.S. Department of Housing and Urban Development (HUD)-approved counseling agency in Ohio. Please note, OHFA homebuyer education is not completed until after homebuyer has submitted their loan application with their loan officer. Homebuyer Education is not required for borrowers who are only registered for our MTC Basic program.
How Do I Apply?
OHFA works with lenders, credit unions and mortgage companies across the state. Find an OHFA-approved lender in your area, along with tips to help you with the application process, or call us toll-free at 888.362.6432.